China Drug Licenses Complete.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 22, 1999-- Rocky Mountain Ginseng ginseng (jĭn`sĕng), common name for the Araliaceae, a family of tropical herbs, shrubs, and trees that are often prickly and sometimes grow as climbing forms. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :RMGG) is pleased to announce it has completed all aspects of the purchase of Fuzhou Fujian Drugs Co. Ltd. in China. This includes: The Share Purchase Agreement between the Fuzhou Fujian Drugs Co. Ltd. and R.M. Ginseng Canada Ltd. (the Canadian subsidiary of Rocky Mountain Ginseng, Inc.) was approved on March 15, 1999 by the Foreign Economic and Trade Committee of the Fuzhou People's Municipal Government. Simultaneously, approval was given by the Ministry of Industrial and Commercial Administration in Beijing to obtain a business license for the company to produce and market certain drugs in China. On March 19, 1999 the Fujian Drug Control Bureau granted the company a "Drug Producing Qualification Certificate". As well, the Fujian Hygiene hygiene, science of preserving and promoting the health of both the individual and the community. It has many aspects: personal hygiene (proper living habits, cleanliness of body and clothing, healthful diet, a balanced regimen of rest and exercise); domestic hygiene Control Bureau has also issued a "Drug Producing Certificate" to the Company. These approvals and licenses now give RMGG the right to independently produce and market their drugs in China. On March 22, 1999 the Company will commence construction of a new production and administration facility in Fuzhou's popular Hong Shan Industrial Park. When work is completed within the next 60 - 90 days, the facility will satisfy China's new Drug Production Standards enabling the Company to market products throughout the country and to export markets as well. In Hong Shan the Company's expanded production base will be able to produce ginseng capsules and two new healthy food products unique to China. These products enjoyed wide acceptance in limited test markets held in Fuzhou and Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. . Rocky Mountain Ginseng, Inc. and Biofarm Inc. are currently in dispute regarding the "Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. " dated April 3, 1998. Meanwhile, RMGG will continue with the Company's business plan in China. Presently, RMGG is manufacturing the complete line of FF Drugs Co. products in the existing plant until the new GMP GMP (guanosine monophosphate): see guanine. ("Good Manufacturing Practices Good Manufacturing Practice or GMP (also referred to as 'cGMP' or 'current Good Manufacturing Practice') is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods and pharmaceutical products. ") factory is operational. RMGG is also pleased to announce the signing of a distribution agreement with Qiangzhou Xin Fu Lar Health Products Co. Ltd., a major wholesaler in Qiangzhou, an affluent industrial city located approximately 150 kilometers (95 miles) south of Fuzhou. For further information and updates, please send us your e-mail address See Internet address. e-mail address - electronic mail address to rlbell@direct.ca. The statements made in this news release may contain certain forward looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the results achieved by the Company. |
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